Gold Is Breaking Down – Smart Money Shifting Bearish?Gold FuturesCOMEX:GC1!EdgeTradingJourneyGold is currently showing clear signs of structural weakness after a strong bullish phase. From a positioning perspective, COT data suggests that non-commercial traders are starting to reduce long exposure while increasing shorts, indicating a potential shift in sentiment. At the same time, retail traders remain heavily positioned on the long side, which typically acts as a contrarian signal. Seasonality does not support strong upside continuation in this phase, reinforcing the idea that the market could be transitioning into a corrective or distributive environment. Technically, price has broken its previous bullish structure and is now trading within a descending channel. The recent move lower shows strong displacement, suggesting that sellers are currently in control. In this context, I am not interested in buying dips. Instead, I will be focused on potential pullbacks into premium areas, looking for confirmation to position short. As long as price remains below the recent supply zone, I expect continuation toward lower liquidity levels in the coming sessions.